Watching YouTube the other day, it dawned on me that the artists who created the videos I watched are mostly self employed. We've all been hearing about daily, hourly, minute by minute guideline changes by lenders lately, so I thought I'd chime in.
Now all No Income Verification loans are only available for the truly self employed. If you are salaried at your job, then this isn't the mortgage program for you. Also No Ratio, No Doc, and other Alt A lending programs are going to be limited to homeowners only. If you are a first time home buyer, you will probably not qualify for this programs either.
Credit score is King these days too. An excellent credit score will still enable home buyers to qualify for most of the programs out there, those will less than perfect scores should be prepared to apply for full documentation mortgages, thus limiting them to buying properties they can really afford.
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